Inflation rising - how are you preparing?

[inflationhorror]

Citi are saying that inflation may rise to 18.6%. Even if this is the worst case scenario … I’m getting pretty nervous about this.

Does anyone have any ideas about how to best prepare?

Don’t be poor. Or sick.

there’s literally no way to prepare for this other than get a higher paying job if you can and let’s face it, most people can’t. Ditto health - you have it or you don’t.

My health is poor :( Long covid. Struggling to work at all. Can’t get my head around applying for PIP either.

in the absence of better paid work I’m guessing we can just cut more things..??

I’ve cut down on petrol spending and switched to own brand everything for example.

If someone has a cure for long covid that would actually help, ha.

This country is shameful. No action on anything. I feel I am suspended at the moment, we know it's coming but until it's here I can comprehend how awful it will be.
I am at least lucky I work, not trying to navigate the benefits system. For me I guess I will take on bank shifts, stop buying clothes and reduce how much I eat.
I can't even imagine how awful it is for people at the lowest end, the children who might now go cold. It's disgusting. We will now have a 2 tier society. This is what the Tories wanted. I work NHS and the chaos makes me cry.

I don't know what the answer is. I can see lots of preventable deaths.

Move somewhere rural, preferably coastal, away from the expensive south east, work from home as much as possible to save commuting costs. Grow as much food as possible. Already eat plant-based which helps.
I appreciate this isn't an option for everyone (our kids are almost independent so it frees us up for more options) but it's our plan. I think as a knock on from the lockdowns many people are looking for a simpler more nature based lifestyle.
I'm not even too fussed about being close by a hospital for my older age since the NHS may be almost non existent by then! I'll aim to live a simple life style.

Is it best to pay if any debt first (one credit card) or split spare income between paying off credit card and saving?

there’s literally no way to prepare for this other than get a higher paying job if you can and let’s face it, most people can’t. Ditto health - you have it or you don’t

Literally?
Literally?

So nothing to do with reducing personal spending/consumption then?

rest rest and rest
elderberry mead wine, and anything with chillies, even chillie crisps.
there was something else, but forgotten what. will try and remember

See how much you can cut from your largest costs, and work your way down.

There is some sort of app, takes a year, but records all spending. sorry, dont know what it is called.

Back in March I felt very nervous about impending inflation. My fixed mortgage was due to end Jan 23. I spent some time working out figures (with help of YNAB) and decided it was worth paying the £2k exit fee to remortgage early. I worked out at best I would be slightly better off. And worst case scenario re inflation I would be much better off.

I remortgaged on 1.39% for 5 years just before the rates started going up. It feels like a miracle I did this really. The best I could get today is nearly 3 times that and I dread to think what rates will be Jan 23.

I can't figure the energy stuff out. But at least I've got nearly 5 years security on my mortgage.

It’s energy rather than anything else really going up? And milk!

Everything will go up. Everything is going up. Every company uses energy & the increased costs will be reflected in everything.

I certainly noticed most things at supermarket costing more.

Sorry, but imo we are all fucked. Who can afford an energy bill in excess of £300per month and potentially rising!!